Electronic payments provider, Euronet has
acquired Romanian ATM Smart PayNetwork.
PayNet provides ATM outsourcing services, card
issuing and acquiring and POS merchant servicing solutions to
financial institutions in the region.
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This new acquisition comes after Cards
International reported earlier this year that Euronet had
purchased the Polish ATM network of Diebold.
The value of the deal has not been disclosed,
but the acquisition is expected to generate revenues of
approximately $3m in the initial year of ownership, with cash
earnings of approximately 1% per share.
“The PayNet acquisition will nicely complement
our growing European business through the addition of approximately
a dozen new bank relationships currently processing a range of
outsourcing services similar to those we currently provide,” said
Kevin Caponecchi, president of Euronet.
“We are confident we can help our new
customers expand their business through our portfolio of value
added services together with access to our independently owned ATMs
deployed in some of the most convenient places in Romania.”
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By GlobalDataPayNet operates 720 ATMs and 1,700 POS
terminals and manages an estimated 540,000 cards.
